Most Ag markets have been under intense pressure as a result. Until such time that forces change the current bearish headwinds Ag prices and coffee prices will struggle to gain any upward momentum.
It will change but it could get much worse short term before it gets better. The US Broad Dollar Index is on the verge of breaking out to all-time highs.
It would be prudent to monitor this on whether or not it will become a double top or a runaway break out advance.
The resolving of this US Dollar chart pattern will dictate the Ag price discovery mechanism for the rest of the year.